It is quite interesting how the world of tech startups was consumed by the concept of web3 so quickly. The idea of having web services that are governed and developed by the community, with many users having voting rights and generating content is great.
It sounds like something from the distant future, where people are able to create their own digital spaces.
However, there is still a long road ahead, and many companies are working on solutions that would create the foundation for something as big as the global web3-driven internet.
What is EVM, and why is it important?
Ethereum is a network that has a massive reach and expanded way beyond its initial scope. One of the most important advantages that this network has over its competitors is the Ethereum Virtual Machine. It is a massive development tool that has been attracting developers who want to build advanced web3 solutions.
With the power of blockchain enabling incredibly fast and efficient computing, it can be possible to build decentralized protocols that do not put a strain on local machines.
Also read:EVM is a big project that spans multiple networks. It started on Ethereum but has since managed to expand to a myriad of other networks, enabling interconnectedness and faster development in the crypto industry.
There are many advantages to using EVM, which is expected to improve massively in 2023 with a couple of new upgrades coming to the main net. Ethereum is ahead of the curve in the technology department.
EVMs will be the main driving force for DeFi development in the next year, with many companies focusing on creating interconnected Dapps. Solutions that are compatible with other tools across the whole crypto industry.
What does it mean for the rest of the crypto domain?
Since EVMs are not limited to Ethereum, there are ways in which other networks can benefit from using it. EVMs enable competition and collaboration at the same time. Hopefully, more companies will adopt this standard to build unique products that can be used by all of us, regardless of which network we prefer.
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